Thanks very much for the information, Brian and Shelly.  Trust me, you are both a lot of help!  Well.  The more I learn the less I seem to know about this stuff, ha ha.   
This lace is spooled.   It definitely does not feel oily.  At this point I am so far from having the knowledge to choose a whole hide, not to mention magically turning it into (usable) strings, that that is just not really an option.  I am beveling at 45 degrees, and that's what I beveled the calf and goat lace at, too.  
I have a lot of this lace, so I'll try soaking it in liquid saddle soap as Shelly suggests.  If I don't have good luck with that, I guess I'll go buy some extra knife blades.  
Thanks again for your time!